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WHY BOTHER TO ANALYZE COMPETITORS?

Discuss WHY BOTHER TO ANALYZE COMPETITORS? within the Business Environment forums, part of the Resolve Your Query - Get Help and discuss Projects category; WHY BOTHER TO ANALYZE COMPETITORS?  Some businesses think it is best to get on with their own plans and ...

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WHY BOTHER TO ANALYZE COMPETITORS?
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Sunanda K. Chavan
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WHY BOTHER TO ANALYZE COMPETITORS? - September 23rd, 2010

WHY BOTHER TO ANALYZE COMPETITORS?


 Some businesses think it is best to get on with their own plans and ignore the competition. Others become obsessed with tracking the actions of competitors (often using underhand or illegal methods).


 Many businesses are happy simply to track the competition, copying their moves and reacting to changes.
Competitor analysis has several important roles in strategic planning:


 To help management understand their competitive advantages/disadvantages relative to competitors


 To generate understanding of competitors‟ past, present (and most importantly) future strategies


 To provide an informed basis to develop strategies to achieve competitive advantage in the future


 To help forecast the returns that may be made from future investments (e.g. how will competitors respond to a new product or pricing strategy?
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Jitendra Mazee
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Re: WHY BOTHER TO ANALYZE COMPETITORS? - May 9th, 2016

Quote:
Originally Posted by sunandaC View Post
WHY BOTHER TO ANALYZE COMPETITORS?


 Some businesses think it is best to get on with their own plans and ignore the competition. Others become obsessed with tracking the actions of competitors (often using underhand or illegal methods).


 Many businesses are happy simply to track the competition, copying their moves and reacting to changes.
Competitor analysis has several important roles in strategic planning:


 To help management understand their competitive advantages/disadvantages relative to competitors


 To generate understanding of competitors‟ past, present (and most importantly) future strategies


 To provide an informed basis to develop strategies to achieve competitive advantage in the future


 To help forecast the returns that may be made from future investments (e.g. how will competitors respond to a new product or pricing strategy?
Hey sunanda, as we all know that it is very crucial for any business to analyze its competitor in the market to get success. BTW, i liked your article and also uploading a document where you would find more detailed information on analyzing competitor.
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Re: WHY BOTHER TO ANALYZE COMPETITORS?
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Jayashree Iyer
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Re: WHY BOTHER TO ANALYZE COMPETITORS? - August 1st, 2016

Any business needs to analyse its competitors so that it can grow in its business.



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Butch Cortez
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Re: WHY BOTHER TO ANALYZE COMPETITORS? - 3 Weeks Ago

True. It may be hard but it is essencial on conducting the feasibility od the bsiness. This greatly affect your profit
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